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NEW YORK CITY-To take advantage of the strong condo market here, Broad Street Development secures $105.1 million to go toward the acquisition and conversion of 1430 and 1438 Third Ave. The buildings, located between 81st and 82nd streets, total 168 units.

The 21-unit 1430 Third has 52% of its units under rent control and will not be converted to condos. Currently, 1438 Third is a 31-story, 147-unit residential building with 14,000 sf of ground-floor retail space. After the conversion, it will have 47 one-bedroom and 40 two-bedroom units.

The local office of Holliday Fenoglio Fowler secured the financing package. HFF senior managing director Mike Tepedino placed a floating-rate loan with AIG GlobalInvestment Corp. and Lehman Brothers provided the equity for the project. He calls the site a "perfect candidate" for conversion due to its location, views and because nearly all of the units have one and a half or two baths.